What is Bath & Body Works's net debt?

Bath & Body Works (BBWI) reported net debt of $3.89B in Q1 2026.

How has Bath & Body Works's net debt changed year-over-year?

Bath & Body Works's net debt decreased by 10.4% year-over-year, from $4.35B to $3.89B.

What is the long-term trend for Bath & Body Works's net debt?

Over 5 years (2020 to 2025), Bath & Body Works's net debt has grown at a -7.5% compound annual growth rate (CAGR), from $5.92B to $4B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Bath & Body Works BBWI Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$1.4B-3.2%

Gross profit$587.0M-9.1%

Operating income$231.0M+10.5%

Net income$183.0M+74.3%

EPS (diluted)$0.90+83.7%

Balance sheet

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Cash & equivalents$820.0M+28.9%

Total debt$4.7B-5.4%

Total equity-$1.1B+21.9%

Total assets$5.0B+1.7%

Cash flow

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Operating cash flow$244.0M+29.8%

CapEx$49.0M+32.4%

Free cash flow$195.0M+29.1%

Valuation

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Market cap$4.14B-38.6%

Enterprise value$8.04B-27.2%

P/E5.7×-2.6×

P/S0.6×-0.3×

Profitability

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Gross margin43.2%-1.4pp

Operating margin15.8%-1.7pp

Net margin10%-1.1pp

FCF margin10.6%+0.7pp

Returns & leverage

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Return on equity-56.3%—

Debt / equity262.3×—

Current ratio1.4×0.0×

Where this comes from

Calculated from Bath & Body Works’s reported figures.

$4.7Btotal debt−$820.0Mcash and equivalents=$3.89B

The official record: Bath & Body Works’s 10-Q, filed May 27, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Bath & Body Works's net debt?: Bath & Body Works (BBWI) reported net debt of $3.89B in Q1 2026.
How has Bath & Body Works's net debt changed year-over-year?: Bath & Body Works's net debt decreased by 10.4% year-over-year, from $4.35B to $3.89B.
What is the long-term trend for Bath & Body Works's net debt?: Over 5 years (2020 to 2025), Bath & Body Works's net debt has grown at a -7.5% compound annual growth rate (CAGR), from $5.92B to $4B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.